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Hangzhou-based maker of electrical equipment and components including switches and power distribution products.
Hangzhou-based maker of electrical equipment and components including switches and power distribution products.
Moat: none. Low-voltage electrical equipment is a competitive, commoditized product category in China.
Headquarters: Hangzhou, Zhejiang, China · Employees: 2,073
Size Hangzhou Zhongheng Electric (002364.SZ) is a China Industrials company (Electrical Products) with a market value of $1.89B, the 1326th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥24.49 on 6 Nov 2026.
Performance Over six months the shares fell 40.0%, against -20.9% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 16.7% over the last twelve months (peer median +4.8%); the operating margin is 3.9% (peer median 8.0%).
Valuation It trades at 70.6× forward earnings against a peer median of 22.8× (most expensive of 17).
Capital Return on invested capital runs 8.6 points below its cost of capital (12.2% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.56B | CN¥2.13B | CN¥1.95B | CN¥1.55B | CN¥1.60B |
| Revenue growth | — | +9% | +26% | -3% | — |
| Gross profit | CN¥613M | CN¥502M | CN¥485M | CN¥386M | CN¥318M |
| EBITDA | n/a | CN¥114M | CN¥147M | CN¥55.0M | -CN¥20.3M |
| Net income | CN¥135M | CN¥126M | CN¥110M | CN¥39.4M | -CN¥55.8M |
| Free cash flow | -CN¥32.2M | CN¥223M | CN¥463M | CN¥213M | CN¥87.9M |
| Capital expenditure | CN¥33.9M | CN¥27.4M | CN¥12.8M | CN¥28.2M | CN¥75.9M |
| Total debt | CN¥942M | CN¥508M | CN¥328M | CN¥311M | CN¥442M |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002364.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.7% | -9.7% | 6th lowest of 21 |
| 6-month return | -40.0% | -20.9% | 2nd lowest of 20 |
| Distance from 52-week high | -59.2% | -44.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | +16.7% | +4.8% | 6th highest of 21 |
| Operating margin | 3.9% | 8.0% | 7th lowest of 21 |
| Forward P/E | 70.6× | 22.8× | most expensive of 17 |
| ROIC minus cost of capital | -8.6 pp | -1.8 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangzhou Zhongheng Electric 002364.SZ | China | $1.89B | -40% | +17% | 4% | 70.6× | n/a | n/a |
| Jiangsu Leili Motor 300660.SZ | China | $1.90B | -33% | +16% | 5% | 70.5× | 29.1% | +11.6% |
| Jiangsu Cnano Technology 688116.SS | China | $1.90B | -19% | +8% | 19% | 32.6× | n/a | n/a |
| Simplo Technology 6121.TWO | Taiwan | $1.90B | -6% | +3% | 11% | 9.6× | -20.1% | -0.8% |
| CETC Chips Technology 600877.SS | China | $1.87B | -36% | -2% | -3% | n/a | n/a | n/a |
| Hengdian Group Tospo Lighting 603303.SS | China | $1.86B | +44% | +5% | 1% | 70.3× | 35.6% | -0.8% |
| Jiangxi Special Electric Motor 002176.SZ | China | $1.96B | -52% | -13% | -13% | n/a | 48.7% | +1.2% |
| Farasis Energy (Gan Zhou) 688567.SS | China | $1.82B | -29% | -8% | -10% | n/a | -0.9% | +52.1% |
| Advanced Energy Solution 6781.TW | Taiwan | $1.82B | -37% | +38% | 24% | 13.5× | 2.6% | +20.5% |
| Meidensha 6508.T | Japan | $1.96B | -20% | +12% | 10% | 11.0× | 5.1% | +7.1% |
| TD Power Systems TDPOWERSYS.NS | India | $1.96B | -7% | +54% | 17% | 47.1× | 40.6% | +25.6% |
| Guangdong Mingyang Electric 301291.SZ | China | $1.81B | -34% | -17% | 5% | 27.9× | 15.6% | +32.9% |
| Jinlongyu 002882.SZ | China | $1.97B | -21% | -1% | 3% | n/a | n/a | n/a |
| Pfeiffer Vacuum Technology PFV.DE | Germany | $1.79B | -3% | 0% | 9% | 23.6× | 8.9% | +6.6% |
| SMA Solar Technology S92.DE | Germany | $1.99B | -21% | +4% | -7% | 16.7× | -4.2% | +8.1% |
| Xian Sinofuse Electric 301031.SZ | China | $1.99B | -16% | +56% | 21% | 22.1× | n/a | n/a |
| Wuxi Huaguang Environment & Energy 600475.SS | China | $1.79B | -24% | -8% | 7% | 20.7× | 8.0% | +3.0% |
| Minmetals New Energy Materials (Hunan) 688779.SS | China | $2.00B | -36% | +146% | 5% | 23.8× | n/a | n/a |
| Finolex Cables FINCABLES.NS | India | $1.76B | 0% | +27% | 10% | 19.9× | n/a | n/a |
| Dajin Heavy Industry 1081.HK | Hong Kong | $2.03B | n/a | +2% | 19% | 10.6× | n/a | n/a |
| AQ Group AB AQ.ST | Sweden | $2.04B | -5% | +11% | 9% | 24.7× | 12.4% | +13.5% |